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Property Management: Definition, Roles, Types, and Duties.

Property Management (Mgt).
Property Management (Mgt): Definition, Roles, Types, and Duties.

What Is Property Management (Mgt)?

The day-to-day supervision of residential, commercial, or industrial real estate by an outside contractor is known as property management (mgt). 

Property managers often handle continuous maintenance, security, and upkeep of properties in addition to daily repairs. Typically, they serve owners of investment assets including retail malls, industrial parks, private home communities and apartment and condominium buildings. 

Their primary responsibilities include overseeing the owners' assigned regular activities and maintaining the properties they manage worthwhile making a profit.

Understanding Property Management (Mgt)

Once a project is over, most property developers want to go on to the next one. They would rather assign the day-to-day management of the property to an outside firm, even if they retain ownership to it.

The responsibilities of a property manager generally involve the following:

  • Screening potential tenants
  • Drafting, signing, and renewing leases on behalf of property owners
  • Collecting rent
  • Maintenance of properties, including landscaping and snow removal
  • Arranging for necessary repairs to properties
  • Setting up and adhering to budgets for property maintenance
  • Understanding state and national landlord-tenant laws and regulations
  • Marketing properties
  • Supervising other employees
  • Handling taxes

Any municipal and state rules pertaining to landlord-tenant relationships must be followed by the firms.

When a property is managed by a property manager, owners either pay the manager a fixed fee or a portion of the rent the property generates.

Types of Property Management (Mgt)

Property managers are as diverse as properties themselves. While some businesses provide management services only for a certain kind of property, others handle a variety of property kinds. A vast array of property kinds is manageable.

Residential Property Management (Mgt)

Residential property managers are typically hired for rental properties, and they manage the rental process. They can be hired to manage:

  • Single-family homes
  • Vacation rentals
  • Multifamily homes
  • Town houses
  • Condominiums
  • Apartments
  • Manufactured homes
  • Real estate-owned (REO) properties

Commercial Property Management (Mgt)

Commercial property owners have different needs from those who own residential property. Commercial Property Management (Mgt)can apply to:

  • Public accommodations like hotels 
  • Retail properties like malls, restaurants, and gas stations
  • Office properties like real estate brokerages or doctors’ offices
  • Co-working spaces where professionals rent work space by the day or the hour

Industrial Property Management (Mgt)

Industrial properties that can benefit from management include:

  • Heavy manufacturing facilities such as automotive plants and steel mills
  • Light manufacturing factories such as food packaging
  • Warehouses
  • Distribution facilities

Special-Purpose Property Management (Mgt)

There are also numerous types of property that don’t fit neatly into the categories above, but that require management nonetheless. These include:

  • Theaters
  • Sports arenas
  • Resorts
  • Senior care facilities
  • Schools and universities
  • Places of worship

Thanks for reading this piece on property management (mgt). I believe it has been useful. XOXO

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Source: HR Forum Web

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